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Author: United States. Advisory Commission on Intergovernmental Relations
Publisher:
ISBN:
Category : Civil service
Languages : en
Pages : 116
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Book Description
Author: United States. Advisory Commission on Intergovernmental Relations
Publisher:
ISBN:
Category : Civil service
Languages : en
Pages : 116
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Book Description
Author:
Publisher:
ISBN:
Category : Civil service
Languages : en
Pages : 48
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Book Description
Author: Tax Foundation
Publisher:
ISBN:
Category : Civil service
Languages : en
Pages : 84
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Book Description
Author: Government Accountability Office
Publisher: CreateSpace
ISBN: 9781492228493
Category : Political Science
Languages : en
Pages : 54
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Book Description
There are over 3,400 state and local pension systems in the United States, according to the most recent Census Bureau Survey of State and Local Public-Employee Retirement Systems. Most large plans are state plans, and more state and local employees are covered by state-administered plans than by locally-administered plans (about 24 million members and beneficiaries compared with about 3 million). However, there are more local government employees than state government employees (about 14 million compared with about 5 million), and while local governments sometimes participate in plans administered by states, the local governments generally retain responsibility for contributing the employer's share of funding to the plans for their employees. As a result, local governments contribute more to pension plans each state fiscal year, overall, than do state governments.
Author: United States. Bureau of the Census
Publisher:
ISBN:
Category : Civil service
Languages : en
Pages : 24
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Author: U S Government Accountability Office (G
Publisher: BiblioGov
ISBN: 9781289150358
Category :
Languages : en
Pages : 142
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Book Description
Congress is considering establishing federal standards for state and local government pension plans similar to those imposed on private plans by the Employee Retirement Income Security Act of 1974. The act generally provides that the minimum standard for pension funding by private employers be an annual contribution for normal costs plus the amount needed to amortize current unfunded liabilities in 40 equal annual installments. Public pensions are becoming a large financial burden on state and local governments, and that burden will increase in the future. Many jurisdictions do not systematically fund retirement benefits accruing to their employees. Adopting a pension plan funding standard similar to that required by the act would have serious initial impact on some jurisdictions. During the years the plans are on a pay-as-you-go basis, their unfunded liabilities will continue to grow. At the end of the amortization period of 40 years required for private plans, their unfunded liabilities will more than triple and yearly pay-as-you-go contributions will increase several fold. To protect the pension benefits earned by public employees and to avert fiscal disaster, state and local governments need to fund the normal or current cost of their pension plans on an annual basis and amortize the plans' unfunded liabilities. Although sponsoring governments are responsible for sound funding of state and local government plans, the federal government has substantial interest in these pension plans. Many jurisdictions have increasingly relied on federal grant funds and revenue sharing to help meet pension plan costs. These plans directly affect the continued well-being and security of millions of state and local government employees and their dependents.
Author: United States. General Accounting Office
Publisher:
ISBN:
Category : Civil service
Languages : en
Pages : 152
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Book Description
Author: Olivia S. Mitchell
Publisher: University of Pennsylvania Press
ISBN: 9780812235784
Category : Business & Economics
Languages : en
Pages : 692
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Book Description
From the Pension Research Council of the Wharton School, this book explores the diversity of governmental pension plans and investigates how these financial institutions must change in years to come.
Author: United States. General Accounting Office
Publisher:
ISBN:
Category : Local officials and employees
Languages : en
Pages : 125
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Book Description
Author: United States. Congress. Senate. Committee on Finance. Subcommittee on Savings, Pensions, and Investment Policy
Publisher:
ISBN:
Category : Government publications
Languages : en
Pages : 628
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Book Description
